Daytrading with IB

agras01 · Oct 9, 2003

I am ready to open an account with IB. I will probably do 4-10 trade a day in equities mostly OTC.

IS IB a good choice?

Also I plan to enter my trades every day in an Excel sheet the way IRS wants it? I hope somebody else does the same thing and comment on his/her methods.

I would apppreciate any feedback.

Agras

taodr · Oct 9, 2003

I don't think Ib does otc stocks but better check

facultus · Oct 9, 2003

You have more than $25k? If not then the PDT rules will apply.

agras01 · Oct 9, 2003

ok I ment NASDAQ and the account will be over 25K. Seeking 1% a week.

Agras

funky · Oct 9, 2003

Quote from agras01:

ok I ment NASDAQ and the account will be over 25K. Seeking 1% a week.

Agras

you're seeking 1% a week? or your system generates 1% a week?

hehehe...just messin with ya

hayman · Oct 9, 2003

IB is your man. Good execution, and partial commission rates on partial fills apply, unlike an Ameritrade, E-Trade, Schwab, etc. Their system availability is excellent as well.

agras01 · Oct 9, 2003

Yes low commissions, my question is how good is their platform for daytrading. I would like to hear from traders that use it the way I plan to.

Agras

stock777 · Oct 9, 2003

Once you get used to the interface, its fast as hell.

Hittfeld · Oct 10, 2003

Just use one of the third-party free frontend and its terrific!!

I use and like autotrader, but at IB-Community you'll find many more under topic 'freelance tools'.

Hittfeld

Hurricane · Oct 10, 2003

With that number of trades a day, you won't have any difficulty keeping track of your trades on Excel. That's what I do as it hasn't seemed worthwhile to try to download the data in Quicken or something else like that. Just be sure to keep up with it and cross check it frequently (like daily) to your account statement to be sure everything matches. It does get a bit tricky if you've short sold stock and have to pay dividends.